The market acts like it is topping even though the major averages are hitting new highs. Last week both the Russell 2000 and the Value Line Composite were down, continuing their under-performance. Valuation got worse as well, signaling that earnings expectations are drifting lower in the very short term faster than the broad market is declining. Overall, though, earnings estimates are still trending higher and unemployment is low and stable. There is no change in sentiment - still modestly negative for stock prices. My simulated model gained a couple of new names last week so my cash position is now 20%. Further increases in stock prices would further limit my stock holdings and a poor unemployment report next week could put me into a hedged position.